A national capital markets advisory firm is expanding its investment management services through a new deal that will add a publicly registered fund to its platform.
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Northmarq acquired Thirdline Capital Management LLC, which manages the Thirdline Real Estate Income Fund, a registered closed-end fund that trades under the ticker TREIX. The Thirdline addition is a major step in the company’s growth strategy, Northmarq Fund Management President and CEO Rance Gregory said in a press release.
“By adding the Thirdline team and TREIX to our platform, we are broadening the ways we connect investors with commercial real estate opportunities, while enhancing the breadth of our capital market solutions and expanding our capacity in the income-oriented investing space,” Gregory said in a statement.
Northmarq Fund Management specializes in small-balance and midmarket commercial real estate investments. The real estate investment and asset management division was created in 2024 when Northmarq merged with Morrison Street Capital.
Adding Thirdline and TREIX will expand Northmarq’s ability to connect investors with commercial real estate opportunities across the capital stack. It will also broaden the firm’s presence in income-oriented investments such as mezzanine loans and real estate securities.
The Virginia-based Thirdline Capital Management was founded in 2021 as a Securities and Exchange Commission-registered investment adviser focused on alternative investment solutions. The move to Northmarq is expected to help maximize dividend growth and stability of the TREIX portfolio.
“We are impressed by Northmarq’s national platform and believe it can benefit TREIX shareholders by growing our capabilities in sourcing, underwriting and asset management of quality commercial real estate investments,” Thirdline Managing Director Charles Hutchens said in a statement.
The Pohlad family acquired Northmarq in 1999 and began its acquisition strategy the following year. The Minneapolis-based firm has completed 13 additional corporate acquisitions since then.
In 2022, Northmarq acquired capital markets advisory firm Stan Johnson Co. That deal expanded Northmarq’s capabilities in net-leased investment, multitenant retail, office, industrial, healthcare and self-storage sales.
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